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Nigeria's manufacturing sector stands as a powerhouse within Africa, offering a plethora of investment prospects. Accounting for approximately 10-11.5% of the nation's GDP annually, it plays a pivotal role in driving economic growth. In alignment with the National Development Plan (NDP) spanning from 2021 to 2025, the government aims to bolster infrastructure, stabilize the macroeconomy, and alleviate regulatory constraints to incentivize investment. The NDP targets a substantial increase in the sector's GDP contribution to 13%, alongside a significant boost in financing, aiming to escalate credit allocation to manufacturing activities from N 3.2 trillion to N 6.5 trillion. Additionally, the plan endeavors to enhance the sector's value chain integration by promoting domestic sourcing of manufacturing inputs, with the aim of augmenting export shares from 7.7% to 20%.
Sector Specific Incentives
Enjoy VAT exemption, sparing your business from additional taxation burdens, fostering financial efficiency and competitiveness.
Industry Tailored Benefits
Qualified industries can benefit from the Pioneer Status Incentive, initially granted for a three-year period, with the possibility of extension for an additional two years.
Legislative Framework and Investment Avenues
To facilitate investment growth, the Federal Government has instituted a comprehensive policy framework. Embracing aspects such as trade liberalization schemes, company ownership flexibility, profit repatriation guarantees, and investment promotion agreements, these measures aim to foster a conducive environment for manufacturing ventures. Emphasis is placed on labor-intensive production modes, local value addition, and maximizing the utilization of indigenous raw materials. Within this environment, investment opportunities span across various sectors including agro-allied processing, metal production, ICT equipment manufacturing, electrical appliances, pharmaceuticals, and construction. With the backing of legislative support and a robust regulatory framework, Nigeria's manufacturing sector offers a promising landscape for entrepreneurial endeavors and sustained growth.
Regulatory Authorities
National Agency for Food and Drug Administration and Control (NAFDAC).
Standards Organization of Nigeria (SON).
Nigerian Investment Promotion Commission
Nigerian Export Promotion Council (NEPC)
National Environmental Standards and Regulatory Agency.
